1. GST
Accounting

2. GST Adjustments Discount allowed to customers Bad debts written off
Customer returns goods(Sales returns)
Business returns goods to supplier(purch returns)

3. Cash basis GST liability arises when payment is received
Entitlements to an input tax credit arises when payments are made
Entities with annual turnover <$2,000,000 can use cash basis

4. What is included in GST Turnover?
GST is the business’ gross business incomr excluding any
GST included in sales to customers
Input taxed sales
Sales not connected with the business
Sales not connected to Australia
Sales where no payment is received(ie Payment to associates)

5. The debits and credits Ledger accounts to be used
Gst payable control account
Input tax control account
Gst payable adjustment control account
Input tax credit adjustment control account